The State Bank of India (SBI) has signed an agreement with Usha International Limited (UIL) to empower women entrepreneurs through the provision of financial assistance. Usha International has a distribution network covering the entire country.
Usha International Limited, a Siddharth Shriram Group company, is one of India’s leading consumer durable manufacturing & marketing companies
SBI said during a statement that it’d provide financial assistance on the model of Joint Liability Group.
The Joint Liability Group (JLG) is a consulting group of 4-10 individuals who are close to obtaining a loan on their own or through a private equity loan. accumulation as opposed to an assurance.
Members will offer a joint undertaking to the bank to form the loan available.
A bank can finance JLG either on to a gaggle or a private within the group. All JLG members are chargeable for repaying the loan in both cases.
The growing presence of ladies as entrepreneurs has led to a shift within the demographics of business and therefore the country’s economic process.
Women’s entrepreneurship has grown steadily within us throughout the 20th and 21st centuries, with the number of women-owned businesses growing 5% since 1997. This addition has led to the emergence of creative women who have achieved their success, such as Coco Chanel, Diane Hendrix, Meg Whitman, and Oprah Winfrey.
According to the Memorandum of Understanding signed between SBI and UIL, the Bank’s branches in Uttarakhand, Delhi, Western UP, and NCR Haryana will provide financial assistance to women entrepreneurs to buy sewing machines for improvement and refurbishment. To shop for the skill or yarn of clothing associated with the above for his or her livelihood, it says.
This is the primary collaboration between UIL and SBI to uplift the social and economic status of girl’s entrepreneurs in rural areas of the country by making them self-sufficient and giving them equal opportunities to realize economic process and inclusion.
This relationship will motivate a brand-new integration among women entrepreneurs and result in comprehensive development, which SBI has named ‘Navchetna’. UIL is already providing these women with the training they have through USHA silo schools across the country.
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